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Completing the accounting of revenue, expenses and determining business results at Huong Duong Tourism Development and Service Company - 2


Diagram 1.2: Accounting for sales through agents 8

Diagram 1.3: Accounting for sales using installment payment method 8

Diagram 1.4: Accounting for financial activity revenue 10

Figure 1.5: Accounting for other income 12

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Diagram 1.6: Accounting for cost of goods sold according to the regular declaration method 15

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Completing the accounting of revenue, expenses and determining business results at Huong Duong Tourism Development and Service Company - 2

Diagram 1.7: Accounting for cost of goods sold according to periodic inventory method 16

Diagram 1.8: Accounting for business management costs 18

Diagram 1.9: Accounting for financial operating costs 20

Figure 1.10: Other cost accounting 21

Figure 1.11: Accounting for corporate income tax expenses 22

Figure 1.12: Accounting determines business results 26

Diagram 1.13: Sequence diagram for recording revenue, expenses and determining business results in the form of General Journal accounting 27

Diagram 1.14: Sequence diagram for recording revenue, expenses and determining business results in the form of General Ledger Journal accounting 28

Diagram 1.16: Sequence diagram for recording revenue and expense accounting and determining business results using computerized accounting 30

Diagram 2.1 Organizational chart of the company's management apparatus 32

Diagram 2.2: Accounting apparatus diagram 33

Diagram 2.3. Sequence diagram of revenue and expense accounting and determining business results in the form of a general journal at Huong Duong Tourism Development and Service Company Limited 35

INTRODUCTION

In today's market economy, businesses are affected by the following laws: the law of value; the law of supply and demand; the law of competition... Businesses always face the problem of good quality products, beautiful designs, and cheap prices, suitable for consumers' budgets while still bringing high profits to the business. To achieve that, businesses need to organize and manage accounting well, especially accounting for revenue, costs and determining business results. Because it tells us about the product consumption process, costs in the business process and the business results achieved during the period.

Based on the importance of the above issue, after a period of studying the current situation of accounting work at Huong Duong Tourism Development and Service Company Limited, combined with the knowledge accumulated in the classroom and the guidance of Master Nguyen Van Thu, I delved into the research topic "Improving the accounting work of revenue, expenses and determining business results at Huong Duong Tourism Development and Service Company Limited". In addition to the introduction and conclusion, the content of my thesis includes 03 chapters:

Chapter 1 : Basic theories on revenue and cost accounting and determining business results in small and medium enterprises.

Chapter 2 : Current status of revenue and cost accounting and determining business results at Huong Duong Tourism Development and Service Company Limited.

Chapter 3 : Some proposed ideas to improve the accounting of revenue, expenses and determine business results at Huong Duong Tourism Development and Service Company Limited.

Although I have tried my best, because I do not have much practical experience, my thesis will inevitably have mistakes. Therefore, I really hope to receive comments from teachers and students to improve my thesis.

CHAPTER 1

GENERAL THEORY ON ACCOUNTING FOR REVENUE, EXPENSES AND DETERMINATION OF BUSINESS RESULTS IN SMALL AND MEDIUM ENTERPRISES

1.1. General issues on revenue, costs and determining business results in enterprises.

1.1.1. The significance of organizing revenue and cost accounting and determining business results in an enterprise

To survive and develop, businesses need to conduct production and business activities to meet market demand. In that production and business activity, the consumption stage is the final stage and plays an important role in the entire operation of the business. Accounting for costs, revenue and determining business results is the basis for evaluating the effectiveness of production and business activities in a certain period of the business, and is a condition for providing necessary information for the Board of Directors to analyze and choose the optimal solutions for the business.

Accounting organization in general and accounting for revenue, costs and determining business results in particular not only play an important role for business managers but are also very necessary for other subjects such as the State, investors, suppliers, financial intermediaries or for macro-economic management agencies.

For businesses:

This work helps collect, process and provide information for business administrators to perceive and evaluate their business operations. On that basis, they make decisions, develop directions as well as improve the business's operational efficiency.

For the state:

Organizing revenue and cost accounting and determining business results is also important to the State:

Based on the data on revenue, expenses and business results of the enterprise, the tax authority determines the taxes to be collected, ensuring revenue for the national budget. From there, the State reinvests in infrastructure, ensuring the best political - security - social conditions.

Through the implementation of enterprises' obligations to the state, national policy makers will have a basis to propose solutions to develop the economy, creating favorable conditions for enterprises to operate through monetary policy, tax policy and subsidies and subsidies.

Particularly for enterprises with State capital, determining revenue, expenses and business results not only brings revenue to the Budget but also ensures that State investment capital is not lost.

For investors: through the indicators of revenue, costs and determining the business results of the enterprise on the financial statements, investors will analyze and evaluate the business's operating situation to make the right investment decisions.

For suppliers: Business results and payment history are the basis for deciding whether a business can pay late or pay in installments.

For financial intermediaries:

For banks and financial leasing companies, accounting for revenue, expenses and determining business results are prerequisites for them to conduct appraisals and evaluate the financial situation in order to decide whether or not to lend to that business.

For economic macro management agencies:

It helps state policy makers to synthesize, analyze data and provide necessary parameters to help the government better regulate the economy at the macro level, promoting the development of the entire economy.

1.1.2 Tasks of accounting for revenue, expenses and determining business results

Duties of revenue accounting

Organize recording, monitoring, reflecting accurately, completely, promptly and supervising

Closely monitor revenue and revenue deductions.

Accountants must open detailed books to track each revenue item according to the unit's requirements.

Reflect and fully record the current situation and fluctuations in quantity and value of products and goods. Monitor detailed payments to buyers and the state budget for taxes, fees, and charges on sold products and goods.

Cost accounting duties

Based on the actual production and business process of the enterprise, cost accounting must apply appropriate accounting methods (method of calculating cost of goods sold, method of calculating cost price, method of depreciation).

Record all expenses incurred during the production and business process.

Collect and allocate reasonable expenses.

The task of accounting is to determine business results.

Determine the business results of the enterprise in each field of operation and each period.

Accurately and promptly account for production and business performance results, providing information for settlement and decision making of managers.

Analyze and evaluate the consumption of products and goods.

1.2. Contents of revenue and cost accounting and determining business results in small and medium enterprises.

1.2.1. Accounting content for revenue, income and revenue deductions

1.2.1.1. Accounting for sales revenue and service provision

Revenue is the total value of economic benefits an enterprise receives during the accounting period, arising from the enterprise's normal production and business activities, contributing to increasing equity.

Sales and service revenue: is the total amount of money that a business has received and will receive from transactions and operations arising from the business.

Revenues such as selling products, goods, providing services to customers including surcharges and additional fees outside the selling price (if any).

Conditions for recording sales revenue

Sales revenue is recognized when the following 5 conditions are satisfied:

The enterprise has transferred the majority of risks and benefits associated with ownership of the product or goods to the buyer.

The enterprise no longer holds the right to manage the goods as the owner of the goods or the right to control the goods.

Revenue is determined relatively reliably.

The enterprise has obtained or will obtain economic benefits from the sales transaction.

Identify costs associated with sales transactions.

Revenue accounting principles

Sales revenue and service provision revenue are determined at the fair value of amounts received, or to be received, from transactions and operations generating revenue such as: selling products, goods, investment real estate; providing services to customers including surcharges and additional fees in addition to the selling price (if any).

For products, goods and services subject to VAT calculated by the deduction method, sales revenue and service provision is the selling price excluding VAT.

For products, goods and services not subject to VAT or subject to VAT calculated by the direct method, sales revenue and service provision is the total payment price.

For products, goods and services subject to special consumption tax or export tax, sales revenue and service provision is the total payment price (including special consumption tax or export tax).

Enterprises that receive processing of materials and goods only reflect in sales revenue and service provision the actual processing fee received, not including the value of materials and goods received for processing.

For goods sold by agents or consignees at the correct price and receive commission, the sales commission that the enterprise receives is recorded in sales revenue and service provision.

In case of selling goods by installment payment, the enterprise records sales revenue at the cash price and records in unrealized revenue the interest calculated on the payable amount but paid in installments in accordance with the determined time of revenue recognition.

For enterprises performing the task of providing products, goods and services at the request of the State, and receiving subsidies and price subsidies from the State according to regulations, the subsidy and price subsidy revenue is the amount officially announced or actually subsidized and price subsidized by the State.

In the case of leasing assets and investment real estate with pre-receipt of rental payments for many years, the revenue from providing services and revenue from leasing investment real estate recorded in the fiscal year is determined based on taking the total amount received divided by the number of periods receiving pre-receipt.

Certificate of use

VAT invoice (for enterprises calculating VAT using the deduction method)

Regular sales invoice (for businesses calculating VAT using the direct method)

List of sold goods, warehouse delivery note, shipping documents

Payment documents: receipt, bank statement

Other relevant documents

User account

Account 511 "Sales and service revenue" is used to reflect the sales and service revenue of an enterprise in an accounting period of production and business activities from transactions and sales and service activities.

Debit account structure :

Amount of special consumption tax or export tax payable; amount of VAT payable of enterprises paying VAT by the direct method.

Sales revenue returned to end of period.

Trade discounts; Sales discounts transferred at the end of the period. Transfer net revenue to account 911 "Determination of business results".

Side has :

Revenue from sales of products, goods, investment real estate and provision of services of the enterprise during the accounting period.

Account 511 has no ending balance:

Account 511 includes level 2 accounts:

Account 5111 – Revenue from sales of goods

Account 5112 – Revenue from sales of finished products

Account 5113 – Service revenue

Account 5118 – Other revenue

Accounting method



Tk111,112,131.. Tk111,112,131..

TK511



next)

Revenue deductions


Revenue

sell

and

bow

level​

Total payment

(unit applying direct method)

Account 333


Export tax, special consumption tax Price excluding tax

VAT

i

must pay state budget, VAT (unit applies method)

pay (unit applies direct method) deduction)


Account 911


End of period, net revenue


Output VAT

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